Buy & Sell Combos
Filed under: Home Tips
A “buy and sell combo” means you’re going to buy a new house, but you’ve got to sell the house you’re in now. If you’re going to do a buy and sell combo, there are a few tips to help you complete the transaction. Like many things in Real Estate, I want to try to demystify this as much as possible. We do have policies, procedures, and forms in place to help you achieve this.
Seller Contingencies
For example, as a seller, you can sell your property and actually ask a buyer to come in to do a seller contingency with them. This means that you, the seller, get to put your buyer on pause for a bit, while you find a replacement property. You can do this even after you have received an offer from the buyer.
But keep in mind, the buyer is “on pause” while you are looking around for a new home. There may be no compelling reason for them to stay on pause, other than the fact that they might really love your house. The longer you string that out, the higher chance they may look at other homes while you’re going through the process. So, you want to keep those timeframes in a tight, realistic range.
A realistic timeframe for a seller contingency may be 2 to 4 weeks. But, the longer we push that out, the greater the probability that the buyer may get distracted and find something else. However, I just want to bring up the idea that it is possible to engage with the buyer, put the sale on hold, and then go find your new home.
Condition of Your House
Another tip is to list your current home in the best possible condition for buyer appeal. Consult with a professional stager to walk through your home to identify what should be decluttered or re-arranged for presentation, and to maximize open space.
If you have any further questions on buy and sell combo, feel free to call or text me anytime at (951) 473-0390 or contact me by email: [email protected].